Fact Sheets
July 23, 2026
2026
Early in the second quarter, U.S. investors appeared to conclude that both the U.S. and Iran wanted to avoid a prolonged conflict. That shift in sentiment helped spark a broad “risk-on” rally. Technology stocks, particularly semiconductors, led the advance, while the Energy sector lagged as easing tensions around the Strait of Hormuz weighed on oil prices. The quarter was the best for the Russell 2000 in six years (since the stimulus-fueled Covid rally in 2020).
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Financial Planning
July 23, 2026
2026
Qualified Charitable Distributions (QCDs) offer a tax-efficient way for individuals aged 70½ or older to support charitable causes directly from their Individual Retirement Accounts (IRAs). By transferring funds straight to a qualified charity, QCDs can satisfy required minimum distributions (RMDs) without increasing taxable income, making them an attractive strategy for those looking to reduce their tax burden while giving back.
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Commentary and Research Papers
July 22, 2026
2026
Markets spent much of the second quarter debating the usual subjects—rates, inflation, war, and the durability of the artificial intelligence trade. Our holdings, as ever, were busy with different questions: who qualified, who won, and who sold for how much. The Pinnacle Sports Portfolio returned +16.8% for the quarter, with the gains driven almost entirely by developments specific to the franchises themselves rather than anything the broader market supplied.
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July 13, 2026
2026
Stocks rebounded strongly in the second quarter, as a de-escalation in the Iran conflict led to a sharp fall in oil prices, providing a boost to investor’s outlook for inflation and the economy. The S&P 500 advanced +15.2% while small stocks outperformed, rising +21.5% as measured by the Russell 2000 Index. First quarter corporate earnings reports were exceptionally strong, with 85% of S&P 500 companies exceeding expectations, marking the highest percentage since 2021.
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July 13, 2026
2026
Stocks posted a mixed but mostly positive month in June, with most major U.S. indices finishing the first half of 2026 near record highs as investor confidence continued to improve. Markets benefited from easing geopolitical tensions in the Middle East, a sharp decline in oil prices from their first-quarter peaks, and continued evidence that the U.S. economy remained resilient despite higher interest rates. While investors continued to debate the Federal Reserve’s next policy move amid still-elevated inflation, stronger-than-expected labor market data, resilient consumer spending, and improving manufacturing activity reinforced expectations that the economic expansion would continue. As recession fears subsided, investors increasingly shifted their focus from macroeconomic risks back to corporate fundamentals and long-term earnings growth.
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Commentary and Research Papers
July 13, 2026
2026
The second quarter delivered an exceptionally strong rebound for equity markets, with U.S. stocks posting their best quarterly gains since 2020. While large-cap technology companies once again played a significant role in driving returns, market leadership broadened considerably. Small-cap stocks enjoyed one of their strongest quarters in years, while software companies recovered much of their first-quarter weakness. Strength also extended to several industrial and cyclical areas of the market. In contrast, energy, chemicals, utilities, and several consumer-oriented sectors lagged.
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Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm focused on transparency and putting clients first. We provide advice to individuals and families, institutional investors and other financial institutions.
